Silver Price Today, August 28: XAG/USD Reclaims $70 Ahead of Fed Speech

Key Takeaways

• Silver rebounded above $70 per ounce after briefly falling to $68.85 during early Friday trading.
• Investors are awaiting Federal Reserve Chair Kevin Warsh’s Jackson Hole speech for signals on US interest rates.
• The $70.60–$72.00 area remains the key resistance zone, while $68.45–$69.00 may provide near-term support.

Silver Price Rebounds Above $70

Silver prices recovered sharply on Friday, 28 August 2026, returning above the psychologically important $70-per-ounce level after an early-session decline.

Spot silver traded at approximately $70.17 per ounce at 07:55 British Summer Time. The metal had previously dropped as much as 0.6% to $68.85 before buyers entered the market, producing a volatile intraday reversal. The session’s broader trading range stood at approximately $68.45 to $70.55 per ounce.

The recovery leaves silver testing the upper end of its recent range. However, the metal has yet to establish a sustained breakout above the important resistance area beginning near $70.60.

Silver futures were also trading near $69 per ounce, although futures and spot prices can differ because of contract expiry dates, financing costs and market-specific spreads.

Jackson Hole Speech Takes Centre Stage

The immediate focus for precious-metals traders is Federal Reserve Chair Kevin Warsh’s speech at the Jackson Hole economic symposium.

Investors are looking for guidance on whether the Fed could raise interest rates again in response to persistent inflation. The core Personal Consumption Expenditures price index, the central bank’s preferred inflation measure, increased by 3.7% over the 12 months through July.

Interest-rate markets were pricing in a roughly 33.7% probability of a September rate increase and a probability of more than 70% that the Fed would tighten policy by December.

A hawkish speech could lift Treasury yields and strengthen the US dollar, creating renewed pressure on silver. Precious metals do not generate interest income, so higher yields can make bonds and other interest-bearing assets relatively more attractive.

A softer policy message could have the opposite effect. Lower rate expectations would probably weigh on the dollar and reduce the opportunity cost of holding silver, potentially supporting another attempt to break above resistance.

Why Did Silver Recover?

Silver’s recovery reflects a combination of bargain buying and continued demand for precious metals as protection against currency and fiscal risks.

Concerns about US debt and the Treasury’s expanded purchases of longer-dated government bonds have encouraged renewed interest in the so-called debasement trade. This strategy involves buying scarce assets such as gold, silver and Bitcoin when investors expect government borrowing or monetary expansion to reduce the purchasing power of traditional currencies.

Although the US dollar was holding near a one-week high, concerns about longer-term fiscal credibility remained supportive for precious metals.

Silver has also benefited from strong momentum. The metal has gained around 20% over the past month and more than 70% compared with the same period a year earlier. These gains have attracted momentum traders but have also increased the risk of sharp profit-taking when macroeconomic expectations change.

Friday’s move illustrated this volatility. Silver initially declined below $69 before recovering by more than $1 per ounce as buyers returned.

Silver Price Levels to Watch

The first major resistance area is located between $70.60 and $72.00. A decisive break above this zone could indicate that buyers remain in control and open the way towards higher levels.

The ability to hold above $70 will therefore be closely watched. A brief move above this psychological level would be less significant than a sustained daily close supported by strong trading volume.

On the downside, the $69.00 area represents the first potential support level. Below that, Friday’s intraday low around $68.45 could become the next important reference point.

A break beneath $68.45 would weaken the immediate rebound and could expose the market to a deeper pullback. However, holding above the $68–$69 region would preserve the broader short-term upward structure.

One precious-metals strategist identified $70.60–$72.00 as the area silver must clear to extend its advance more convincingly. Renewed weakness in Treasury yields and the dollar may also be required for a sustainable breakout.

Industrial Demand Remains an Important Factor

Silver differs from gold because a significant share of its demand comes from industrial applications. The metal is widely used in solar panels, electronics, electric vehicles and medical technology.

This industrial exposure means silver can respond both to safe-haven demand and expectations for global economic activity. Improving manufacturing conditions or stronger clean-energy investment can support consumption, while weaker industrial growth may limit demand.

For now, monetary policy remains the dominant short-term influence. Warsh’s Jackson Hole comments could affect the dollar, bond yields and precious-metals prices simultaneously, increasing the possibility of further volatility around the $70 level.

Traders will also monitor upcoming US economic releases for confirmation of whether inflation is remaining elevated. Strong inflation or employment figures could reinforce expectations for higher rates, while weaker data may reduce pressure on the Fed to tighten policy.